Brexit's Unfinished Business: Implications for Companies
The business community has largely adjusted to the UK departure from the European Union and is inclined to move on, but Brexit itself remains unfinished business. Some of the most disruptive consequences of this historic divorce have already taken place: many of them have been less dire than predicted in the short term, although the City of London has lost its critical role as the capital of European finance. In the longer term, key questions remain to be answered about the UK economy and its overall competitiveness and about the future relationship between the UK and its erstwhile partners in Europe.
June 2016 can seem like a very long time ago, especially given the extraordinary events that have occurred in the meantime, including a global pandemic, war in Ukraine, and the abrupt return of inflation. Indeed, more than six years after the British public narrowly voted for the United Kingdom (UK) to leave the European Union (EU), “Brexit” has understandably dropped off the agenda of many European businesses. Supply chain disruptions, concerns about energy shortages, and rising interest rates all have taken priority in board rooms. In any case, hasn't Brexit already happened? After all, the UK formally left the EU on January 31, 2020, with the transition withdrawal period ending on December 31 of that year. In other words, almost two years have elapsed since Brexit became an enacted reality. Since the referendum, no less than four…